Pension plan (Tables)

12 Months Ended

Jun. 28, 2025

Pension and retirement plan

Table outlining changes in benefit obligations, plan assets and the funded status of the Plan

	June 28,		June 29,
	2025		2024
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	470,843	$	471,401
Service cost		11,480		10,252
Interest cost		24,732		24,579
Actuarial loss		11,292		1,202
Benefits paid		(44,367)		(36,591)
Benefit obligations at end of year	$	473,980	$	470,843
Changes in plan assets:
Fair value of plan assets at beginning of year	$	480,705	$	504,348
Actual return on plan assets		33,220		4,948
Benefits paid		(44,367)		(36,591)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	477,558	$	480,705
Funded status of the plan recognized as a non-current asset	$	3,578	$	9,862
Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	199,856	$	185,284
Unamortized prior service cost		16		20
	$	199,872	$	185,304
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	17,584	$	36,195
Amortization of net actuarial losses		(5,222)		(222)
Amortization of prior service costs		(4)		(4)
	$	12,358	$	35,969

Weighted average assumptions used to calculate actuarial present values of benefit obligations

	2025		2024
Discount rate	5.5	%	5.5	%

Weighted average assumptions used to determine net benefit costs

	2025		2024
Discount rate	5.5	%	5.4	%
Expected return on plan assets	7.5	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.3	%	4.0	%

Components of net periodic pension costs

	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023
	(Thousands)
Service cost within selling, general and administrative expenses	$	11,480	$	10,252	$	12,015
Interest cost		24,732		24,579		26,730
Expected return on plan assets		(41,721)		(39,941)		(48,860)
Recognized net actuarial loss and other		5,226		227		2,473
Net loss recognized due to benefit obligation settlement		—		—		37,350
Total net periodic pension benefit within other expense, net		(11,763)		(15,135)		17,693
Net periodic pension (benefit) cost	$	(283)	$	(4,883)	$	29,708

Benefit payments expected to be paid to Plan participants

Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):

2026	$	48,424
2027		37,071
2028		39,736
2029		40,566
2030		40,752
2031 through 2035		206,028

Plan's assets allocation

	2025		2024
Equity securities	64	%	69	%
Fixed income debt securities	32	%	29	%
Cash and cash equivalents	4	%	2	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 28, 2025:

	Level 1		Level 2		Level 3		Net Asset Value		Total
	(Thousands)
Cash and cash equivalents	$	17,880	$	—	$	—	$	—	$	17,880
Return Seeking Investments:
Common stocks		—		—		—		147,890		147,890
Real estate		—		—		—		74,747		74,747
High yield credit and bonds		—		—		—		84,857		84,857
Fixed Income Investments:
U.S. government		—		—		—		113,401		113,401
Corporate		—		—		—		38,783		38,783
Total	$	17,880	$	—	$	—	$	459,678	$	477,558

Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy.

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:

	Level 1		Level 2		Level 3		Net Asset Value		Total
	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705